A-level Economics Essay Marking Grid

A-level Economics Essay Marking Grid (Edexcel) Fran. Exam board requirements for attainment of each band: KAA Marks Knowledge/ Understanding of terms/ concepts/models Analysis Application Your Mark 1-4 Imprecise No COR or links between cause and effect. Generic/irrelevant info or examples 5-8 Elements of... Not relevant/narrow 2 stage COR only. Some context 9-12 Accurate Clear and coherent but may lack balance. Developed COR. Evidence integrated 13-16 Precise Relevant and focused. Ideas carefully selected. Logical & coherent COR. Evidence fully and reliably integrated lovely!! KAA KOR EV Marks Evaluation Application Your Mark 1-3 No logical COR Generic/irrelevant 4-6 Unbalanced & unsubstantiated. Partially developed COR. Evidence/reference to context 7-9 Relevant reasoning Recognises different viewpoints/critical of the evidence provided/ underlying assumptions. Appro Appropriate reference to context refer to AD/AS? EVl. EV2 Lovely God COR+ troughout. Enabling informed judgements to be made. EV =/9 Your Conclusion: Guat perhaps compare courart move. Note: Both EV paragraphs need to hit the same bard to be eligible for that band overall. COR = Chain of reasoning Essay Total 225 What you did well: good c.o.R and context throughout cler + precise miting... excellent grasp of material taught. To work on for next time: theep it up! An impusme start. Fran HS2 Essay Evaluate the economic effects of a large infrastructure project such as HS2 on the UK economy. One economic effect of HS2 is that it will reduce structural unemployment. This is because HS2 will improve infrastructure, leading to an increase in labor mobility as workers will find it easier to either commute long distances to work in other areas of the country or move away from their hometowns as it is faster to travel back so they can visit family. Therefore, firms will find it easier to attract workers with the right skills. This helps resolve structural unemployment as it is associated with skills gaps. This would help alleviate regional decline in areas such as Corby, where 11,000 jobs were lost in the 1980s as the UK's steel industry shrunk. This regional unemployment is also seen in regions such as Clyde and Portsmouth, which used to specialize in shipbuilding, another declining industry in the UK. Therefore, HS2 will help resolve the issue of structural unemployment in the UK as it increases labor mobility. However, HS2 comes with a large cost. Initially estimated at £56 billion, HS2's cost has now gone up to £106 billion. This creates a large opportunity cost, as the government could spend the money elsewhere, such as on retraining skills schemes, which tackle structural unemployment more fully as workers move from one industry to another. Fran HS2 Essay Areas such as shipbuilding and steel works which are in decline often do not have the skills to seek other employment, leading to long-term structural unemployment. Retraining schemes could better help alleviate the skills gaps associated with structural unemployment than HS2, and may also have the added benefit of gaining new workers in areas where there are labor shortages such as teaching. Another economic effect of HS2 is an increase in GDP and productive capacity. This is as HS2 forms £106 billion in government spending, which is a component of AD. This will lead to a shift out in AD and a higher employment level, Y2, and therefore additional output. Additionally, HS2 improves infrastructure, improving quality and quantity of capital. This will shift out AS, leading to a new equilibrium price point at Y2. This means there is non-inflationary growth as the price level remains at P. This would be beneficial to the UK economy as the UK is currently going through a large recession (-10% growth) due to the COVID-19 pandemic.